Digital media's hidden payments crisis

Matt Cardy / Stringer / Getty Images Traditional revenue sources have stagnated in the last several years, which has forced digital media companies to generate revenue in new ways.

The problem, though, is that so many payments are failing when consumers try to subscribe. In fact, approximately two-thirds of U.S. consumers have experienced a payment fail. And even valid transactions are being rejected.

All of these problems have cost the digital media industry nearly $2 billion, which is more than the combined revenue of The New York Times and Time, Inc.

In short, digital media has a payments crisis on its hands.

For the past seven years, IGNITION, Business Insider's flagship conference, has collected the best minds in media and technology to share what they see as the future. Through unscripted interviews, cutting-edge demos, and insights from industry pioneers, attendees learn what key trends to be aware of and what they need to do to stay ahead.

At this year's IGNITION, Tim Catts, managing editor for BI Intelligence, Business Insider's premium research service, presented Digital Media's Hidden Payments Crisis, which describes how payment failures have become a significant problem for companies that rely on subscription revenue.